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Peter Schiff Discovers No Country For Corporate Profits
While the general economy continues to float along a depressionary bottom across all key verticals including housing (quadruple dip), jobs (the "new part-time normal" even as real unemployment has risen to 2012 highs), and manufacturing (contracting for 3rd month in a row and lowest since mid-2009): a bleak picture manifesting itself in a sub-stall speed GDP in the third year after the "recession ended" despite trillions of fiscal and monetary stimulus (not to mention that according to Gluskin Sheff 100% of the developed world is now contracting), one aspect that has not only kept the S&P buoyant, but shoved it to near all time highs, has been the general offset to atrocious labor conditions and low salaries: namely surging corporate profits.
Needless to say (because we have said it many times), corporate profits are no longer surging, and together with corporate revenues, have now peaked on a year over year basis and are declining, but sure enough over the past 3 years, the ability of companies to refinance at ZIRP-levels, and to fire tens of millions of full time workers (offsetting in rare cases by hiring hundreds of thousands of part-time workers) has allowed the build up of a massive cash buffer allowing companies to better prepare for the next systemic crisis, as well as handle the never-ending geopolitical uncertainty. Most importantly, it is this transient yet record profitability, together with now endless central planning intervention by the Fed, that saw the S&P close at the highest level since 2008, a fact which the president will undoubtedly mention and take credit for during the DNC speech in two hours.
So while on one hand corporate profits are something to rejoice over, at least when not blaming them on the previous president, on the other hand it is these same "evil" corporations, in various populist narratives, that are the root of all evil, and are the reason why America's real unemployment rate continues to be sticky in the 15% range.
One such narrative was discovered by none other than Peter Schiff who pulled an OccupyWallStreet (remember that whole Occupy movement?) where but at the Democratic National Convention. What he did, was succeed in exposing some very disturbing prevailing beliefs about the government's role in establishing the 'utility' value of the free market as manifested by corporations, namely that according to a broad cross-section of society, it is the government job to "explicitly outlaw profitability."
We wish to remind readers that this has been done on numerous occasions in the past, but most "effectively" in the Soviet Union's centrally planned regime. Until the USSR's failure of course. The premise of eliminating profitability is also quite popular, and even has its own name: nationalization, and its result in a business "manager" who is perfectly ambivalent if the state owned enterprise makes or loses money. After all the wage is determined by a politburo, and is not a function of the profits, or losses, a business may engender.
Furthermore, it is probably worth reminding that the primary tenet behind capitalism is the production of goods and services for a profit.
Sadly, quite a few of these concepts appear to have not been made clear to not just one or two Americans as the following clip demonstrates.
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Peter Schiff. Hurrah. You tell 'em. Good man from CT. Now there's change I can believe in ;-)
For the -1,
Peter is trying to point out how easily people spend other peoples' money if there's something in it for them, whether they be an individual or a corporation.
That last lady was trying to hit on Peter.
Yeah....."Big Pimpin' at the DNC". Peter can tell his new wife that Billie Jean King was "mackin" on him
? ? ?
In case you missed this segment on your local news channel.
Even Jon Stewart Finds ‘Tolerance’ at the DNC Doesn’t Extend to Conservatives: ‘Nazis and Evil’
Them EBT niggers will never jet our plantation. We can’t afford ta lose profits an’ become a capped revenue center.
/sarc
Jon is at his best when he speaks, without fear or favour.
You were to quick to reply. Lost edit mode.
BTW: I always enjoy using their verbiage back at them.. Such as, 'Once you vote black, you never go back.' This is a so hilarious. They write this material, not me..
A...
There is a cold quiet fury in New England, and we are not amused by the Republican and Democrat conventions. This is the quiet before the storm. They do not own our land. They did not make our land. They are condescending, without merit.
We'll get thru this. Of course its easier said than done. Many will bond, even the government loafers will finally understand the agenda.
Peter Schiff on Joe Biden. " Bring it Bitch"! Shiff eats Joes right ear! "pun"
Biden eats Schiffs " GOLD MEMBER". and calls it " even-0-stevens"!
They put Biden in chains...lol...the irony is delicious.
nmewn Your report card is +AAA in my book.
You are an extremely "concise" albeit "vociferous" @ times contributer. I love ya for it!
Is BIFF Biden done speaking yet? ( back to the future style)
I saw the clip last night when it had only 300 views and was hoping it would get over to here. The average lefty has not even the basic grasp of economics or business in how it relates to the economy. They don't make the connection between corporate profits and the performance of their 401k. Or where tax revenues come from to pay for all of their good money poured down the drain social programs. And you can bet this: Any cap on business profits would also be applied to the small business owner just as well. What would be the point of busting your ass then? So some "baby's mama" can live large off of someone Else's sweat? TO HELL WITH SOCIALISM, TO HELL WITH THE DEADBEAT PARTY.
How about to hell with fucking bailouts? How about restoring mark to fucking market? How about restoring real fucking consequences for bad behavior? Bring it motherfucker!
the left is not about understanding enterprise or where the money comes from, it is about believing (idealism)
it's believing that you haven't got something, but those who have owe it to you
it's more commonly known as theft
Who GIVES A SHIT about a 401k?!?! I'll save and invest my own money, thank you very much. You are a dependant on a different scam... still a dependant - still getting scammed, just like somebody on a 'social program'. Ponzi Street baby. Let me know how that 101k is treating you in your golden years.
Who gives a shit about 401ks? Oh, I don't know.....maybe......TENS OF MILLIONS OF PEOPLE!! Do I suspect that owning a 401k is no more than owning a piece of the bubble? Hell yes! Do I own one? HELL NO! Do I advise you own one? HELL NO! But that makes little difference to the millions that do. That matching dollar scam is just to good to pass up for 99% of us. How is gold going to protect you once it is outlawed and confiscated by the zogbots? Farm land is better, though I suspect they will tax that into oblivion. I don't think there will be any safe place to hide once they get scared, REALLY scared. Anybody with any thing at all will be treated like the kulaks were under Stalin.
Democrats ... nough said.
Republicans ... nough said.
It's Demodrones vs Republidrones...2012!!
the problem started with the bailout.. What Obama missed which seems obvious is when a big company goes down all the small ones benifit as the get the customers.. SO if he let say the big banks go under in 2008 (and just Gov guaranteed the deposits and loans) ie so the bail out only goes to the people who where defrauded (ie depositiers received almost no return whie banks used the moeny for no risk bonus)...
Then consumers would have been protected.. the smaller regional banks would have picked up a lot of the deposits / loans from the failed large banks and recovery would be quicker more stable.
Same with car companies.. so what if GM goes under.. Then new players would have been given a change to buy their old plant and equipment for rock bottom prices and by now you might have several new companies emerging .. with better products.
Same for everything.. if Wall mart goes under prob local shops ect would spring up quickly to fill the voild some might end up becoming large in the future.
All Obama did was keep the status quo for the big corporates and wreack the chances for new companies.. Thats why the union persepctive makes no sense. They want to be guaranteed jobs that may not serve any purpose.. and have on demand for what their making just because they feel their owed a job or something.
Now he's stuck with these old indebted companies with slow growth and waisted Govt spending on Supporting them
profits are irrelivent..
Bush signed the first bailout. He had a chance to veto the fucker. He didn't and I became an independent.
True, but Obummers and Mcvain both voted for it......incest?
Larger aggregations are easier to control.
Government doesn't want to deal with five million small businesses each employing twenty workers, it wants to deal with five giant businesses each each employing twenty million workers.
Government could give a shit about individuals and small businesses.
I disagree. if this were the case, why not just exempt the small business owner from taxes? Private citizens as well? No, they want to control EVERYBODY AND EVERYTHING, THAT IS THEIR NATURE. No one is too small to play their part in the game of "we know what is best".
You are wrong.
An example would be government dealing with businesses for tax withholding, or for that matter, sales taxes.
Imagine if each individual had to remit income or sales tax directly to the government.
I do heartily agree with your comment on control, though.
Control is a survival trait.
This is just too stupid to be posted anywhere let alone on ZH.
Come on guys, you're better than this...aren't you?
Stupid? This is nothing, wait till O'Barry's speech.
I'll be bypassing that speech. I ate a burrito for dinner and I'd like to keep it down.
It's free speech. You got a problem with that? Refer your complaint to the Republican and Democrat Conventions.
Watch the speech...
You'll get a preview of what that burrito will be in 12 hours.
I am shocked.
Corp Profits have been crap sans APPL, but that won't last. The markets right now, first time in all history of stocks/capital markets, are being 100% supported by the ECB/FED. Traders are not clueless too that, once profits turn worst, more so from inflation eating into real interest on credit, profits, wages...it will be a turning point for the market as a whole.
F*ck American and European centric stupidity, and also f*ck Obama. The thing is, the creditors of the world are in HUGE trouble. Stagflation is eroding their ecomomies at a rapid rate. China is blowing up.
Stocks, markets will take the hit from hell. Just saw some chatter from a trader (FX) saying that the DXY is now turning bearish. What? EUR is selling, USD is gently bid and again Asia markets are NOT (literally) buying the madness out of Europe and America. Ignore that and you deserve to be fleeced
Dream land turns to nightmare very quickly. AS for OWS, next one will be aimed at the central banks for becoming rogue goverments making decisions over elected government/s. And it will probably start in Europe this time since America is in sleepy la la land.
I need a shot of tequila.
Just a shot? Jeebus, I remember going across the border from AZ into Mexico buy Jose Cuervo on the cheap, back in the 70's.
Tequila 1970 stories. Wow.
I got Esplon, love that stuff. Cheapish too.
Big fan of Tequila, but one shot usually turns into half a bottle...or more.
What can I say, haven't had any tequila since then. And, you could drive across the border back then and go to the store like you would on this side of the border. Made Tequila Sunrise slushes with the cheap stuff in the blender for the women, straight shots of the good stuff for the guys.
It was like dirt cheap back then right? Cheap stuff for the women lol ah sh*t...
I know there are $100 shots now, Anjeo, aged for like 5yrs or something in bourbon barrels. Even Eddie Van Halen has a plantation of Agave down there.
It has been a long time, but Cuervo Centenario and Cuervo 1800 Anejo were (are) sipping tequilas. By cheap I mean just plain old Cuervo Gold - not bathtub tequila. But today, if I had a reason to celebrate, say for example a toast to Liberty, it'd be a well-aged single malt whiskey. And perhaps a good Cuban cigar.
asia..has a mind of its own? nahh
How can it be expected for a society to thrive when a large percentage of the population can't grasp a concept as basic as profit?
the political system is not about wisdom, honesty or understanding
it's about charlatans selling you a dream to legitamise an institution that lives off productive societies backs
It's about manipulating differences in morality.
Read 'The Righteous Mind: Why Good People are Divided by Politics and Religion' by Jonathan Haift.
http://www.amazon.com/Righteous-Mind-Divided-Politics-Religion/dp/030737...
Book Description
Why can’t our political leaders work together as threats loom and problems mount? Why do people so readily assume the worst about the motives of their fellow citizens? In The Righteous Mind, social psychologist Jonathan Haidt explores the origins of our divisions and points the way forward to mutual understanding.
His starting point is moral intuition—the nearly instantaneous perceptions we all have about other people and the things they do. These intuitions feel like self-evident truths, making us righteously certain that those who see things differently are wrong. Haidt shows us how these intuitions differ across cultures, including the cultures of the political left and right. He blends his own research findings with those of anthropologists, historians, and other psychologists to draw a map of the moral domain, and he explains why conservatives can navigate that map more skillfully than can liberals. He then examines the origins of morality, overturning the view that evolution made us fundamentally selfish creatures. But rather than arguing that we are innately altruistic, he makes a more subtle claim—that we are fundamentally groupish. It is our groupishness, he explains, that leads to our greatest joys, our religious divisions, and our political affiliations. In a stunning final chapter on ideology and civility, Haidt shows what each side is right about, and why we need the insights of liberals, conservatives, and libertarians to flourish as a nation.
Schiff is a simplistic lightweight...croney capitalist MONOPOLY profits should be illegal because price fixing occurs across all industry, not market based price discovery- there used to be anti-trust laws in this country but they like other rational social mores have long gone the way of the dodo bird.
If cartel corporations were not allowed to BUY their regulator and make laws that tilt the "competitive" edge their way half the shit we're in now would not exist.
the tyler that posted this sucks, very unZH of you, shame!
How many fat demos can you suck into Schiff's line of reasoning...answer.... ALL OF EM
Schiff has no control of the regulatory process. he runs a business and employs people and works for profit. if u don't like him you can do business elsewhere.
he really had an opportunity there to expose the fundamental hypocrisy of their thinking, considering that the most obsene corporate profits are accumulated off the backs of the FedGuv welfare/warfare system and subsidized by the FedRes. that he did not after climbing on the back of the Liberty movement for his popularity should tell you all you need to know about his true intentions.
he should really replace the 2 F's in his last name to L's.
way to extrapolate on a 4 min clip that was pretty much meant to be a humerous look at these idiots. you should draw on more info before coming to such an ignorant conclusion. better yet get out there like he does and make a difference.
the only difference Peter Schiff makes is for Peter Schiff. the only difference between he and Van Jones is the flavor of propaganda they choose to spew. the tactics & objectives are the same : divide & conquer the masses.
if you wish to buy his schiff schtick, go for it. it's a free country after all. just don't come crying when the gold-backed plastic paper he's schilling gets corzine'd if and when TSHTF.
I think you're right. He may be full of Schiff.
His Dad has got balls though.
It's Schiff who can earn profit even if the "entity of interest" is taking a nose dive. "Profit" is an outcome effected by many inputs......... as long as regulators are bought off or don't care, it's an ambiguous word. And what about non profit corps? Now, if Schiff wanted to outlaw profit for Schiff..... THAT would be a story. We could enact a law that says anything he brings in is profit.
Stop whining. If you keep voting for the politicians bought by biggest commercial banks, then you have only yourself to blame.
The Who - "The Dirty Jobs" (Quadrophenia) excerpt
My karma tells me
You've been screwed again.
If you let them do it to you
You've got yourself to blame.
It's you who feels the pain
It's you that feels ashamed.
https://www.youtube.com/watch?v=dzYSBvSSMpc
The Who:
'Don't Get Fooled Again'.
'Meet the new boss. Same as the old boss.'
If you keep voting for these corporatists, you lose, mate.
You have to get out of the box, mate. Corpratists are only one cabal. There are others in play.
Incorrect.
Schiff was whining.......not me. And, if you decide to vote, you must vote for a politician who has been bought by one cabal or another. If you're narrowing it down to commercial banks, at least you're focused. Really focussed. Like a laser beam focused.
Peter schiff is pure gold in that clip. I especially liked how peter said that the consumers deserve a bigger piece of the pie because of all the work ...er shopping we do. Hilarious.
Pure gold ;-) That is change we can believe in.
*SYDNEY, Sep 07 (***) - Australia's trade balance worsened in July to a deficit of $556m as exports (-3.0%) fell by more than imports (-1.0%)
Smoke that Mario you mad f*cker. Germany buyer (China) is done, there is no way the Germans will finance a damn thing for those lazy PIIGS.
EUR is done and short again. Let's go.
BTFD chump. The 200day ma is 1.0320. Massive short covering if that level goes;-)
PBOC Sets Yuan Rate At 6.3412 vs 6.3439 YesterdayWritten by Ed Thomas
The AUD? i dunno. yeah, i think you got short cover rally there, no doubt. but i am watching the DXY, USD and it's bid (corp buyers out of India/china). rallies look capped, stocks too. it was a massive short cover rally last session (equities). it's an awdul markets for bears at the moment. ray of hope is profit taking, the market is too overpriced. here marc faber calling for a 20% wipe out on euro stocks? a lot of players are waiting to buy dips cheap. the market is not cheap. i still have a penciled crash before or after the 12thsept.
i'll btfd then.
chump666 $A/¥ is the trade into payrolls. ACB's are buying $'s. The S/T intraday trade is $A/¥.
my only concern with the job report and the AUD/risk is that gold and silver are heavy and selling, USD slightly bid, oil down. since the market is front running everything from central banks and goverments. it looks priced in, good number, or somewhat good. USD will rally, rates slightly up. QE on hold.
and equities go bid and sell into the close, or just sell on profit taking which is long overdue.
everything looks perilous.
Thought you might enjoy this read Chump. You will probably react like I did. http://www.telegraph.co.uk/finance/comment/9526147/Mario-Draghi-promised...
There are no "markets" Peter, you dipshit. There has not been any real "price discovery" for quite some time. Peter, stop, you stink of fear and now is not the time to lose credibility.
L,
He knows this. Now it's time to jerk off the jerks. What the hell. Why not?
No one in New England gives a damn for the Republican and Democrat Conventions who stole honest delegates from Maine and Massachusetts who abided by the rules, but they were cheated by the DC machine.
That might be the only thing a maniac and a masshole would agree on. Wake me when someone is ready to actully do something. Funny, because both states have been socialist for about 20+ years. I lived in Maine for a while and even then the largest employer in the state, was the fucking state. Now Maine is full of old fucks with fat state pensions and they wonder why all their children left. EBT use in Maine is among the highest per capita. I see the "lazy" folks in the south revolting before anybody in Maine or massachusetts does.
L,
Your personal observation is interesting. It is your personal experience. Nothing more than that. Good luck to you and yours.
New England gifted you everything in the USA. Only 3% fought in the Revolution. Others chose their side.
Choose yours.
+10
come now peter. all major corporations are heavily subsidised and protected by the gubbermint. small business and the middle class are the only ones going it alone and they are getting wiped out one by one. fascism 101 buddy.
"What is understood need not be discussed" and what is understood is capitalism; it has clearly helped build the highest standard of living and greatest nation ever, although I am seeing it start to cannibalize itself by way of greed and loss of integrity. America has become ridiculously over "marketed", trying to squeeze every last cent of profit out of the (in their eyes) "gullible sheep." To top it all off, due to government intervention, (career politicians and career corporate politicians [lobbyists]) America now has one arm being pulled by the socialists and the other by the fascists and the only one running for president to have a clue about it (not one of the men behind the curtian) was Ron Paul, who by the way, basically had his campain stolen by the gop,(though I'm for anybody but obama and get that "handing the hangman a rope feeling" deep inside) and the American people buy into this total bullshit.
Buzz you kick azz! :-)
But, since corporations are people, my friends, should people like Schiff be allowed to make profits?
there is a massive schiff to the left happening in this country, and i sure hope it peters out
Peter and the Austerians won't be so glib about corporate monopoly profits and the raping of working people of this country when the gspotparty takes power.
History will repeat a couple of hundred years after the French Revolution when those having over $1M (but we will start with those having $1B) have the gspot on the neck identified for where the guillotine will hit.
Their heads can be lined up on poles in the order of their wealth to immortalize how successful they were in life!
If you state slaves get your way, then you will starve whilst bureaucrats feast at your famine. See the examples of Stalin, Pol Pot, Bosnia, and the Middle East, Syria in particular for recent examples. China too.
You are fortunate to live in the West, pet.
For those that believe in the "free market" and its rational allocation of resources, check this out:
http://economyincrisis.org/content/wake-up-call-we-are-on-the-verge-of-a...
Somehow, I missed one market based transaction (probably brokered by Bain capital) -
"Most recently, the U.S. sold China AMC Theatres, with over 5,000 movie screens, for $2.6 billion."
We public power workers are fine will working for state bureaucrats as long as we don't have to carry out the greedy, unsafe, contemptuous policies of corporations like PG&E!
Oh, before you bash me on Obama, I am voting for Jill Stein of the Green Party.
heresy,
Keep whipping the masses until morale improves, comrade.
Here's a few of your successes: Lenin/Trotsky/Stalin, the Red Terror, Hitler, Mussolini, Pol Pot, and the desert despots of the Middle East. See Syria for the latest example of a ruler slaughtering his people.
Be grateful that you live in the West. The Green party are kind, and useless in so far as children starve while you feast at their famine with your pretty useless regulations.
Do something useful: defend the fishermen of New England.
when you mentioned the "gspotparty" I thought you meant something else. I thought it has some sort of group sex connotation involving blinfolded people seaching for G spots. then you had to spoilt the hole thing by bringing up the guillotine. Party pooer!
Contradiction is simply an ugly truth of human existence, a part of me agrees with peter schiff and a part of me disagrees. Rate my post heavily and tell me your thoughts. While I am not in favor of handouts, crony capitalism has simply run amok too, and is unsustainable.
The contest of ideas is a good thing, in my opinion.
Corporatism is bad.
Corporations, good. Corporatism, bad. Bureaucrats, tools of State.
I am astonished that so many ZH commenters (just passing through, perhaps?) apparently don't know who Peter Schiff is or what this video was all about. That is almost as funny as the video.
The media monitors of main parties infest every major internet site, including this. They know who Peter Schiff is, and I know them well.
The Globalist (Marxist flavor...not to be confused with Fascist Corporatist version...oops they're different sides to the same counterfeit coin anyways) mantra:
For what shall it profit a man, if he shall gain the whole world, and lose his own soul?
For their psychotic obsession with eradicating individuality, freedom of expression, freedom of movement and innovation of economic capital and all the freedoms that those things provide for the average individual (it is/was called the Middle Class) they can think of no greater profit. They are soulless, so this observation in the quote from someone with a soul is ultimately irrelevant and (for them) a hilarious footnote to their main focus: gaining the whole world.
Marxist Corporatism (see Mussolini) is the Globalist's manifesto for achieving Neo-Feudalistic Technocratic dominance of the planet and all its resources, people (especially supressing their ability to understand their power, profit and potential!) included.
The greatest trick the devil ever played was convincing the world that he did not exist.
Ever feel like you're watching a very bad magick trick?
The most depressing thing about this video is that each and everyone of them is an American.
The country I worshiped as a child.
Served with pride in the military.
I now see with discuss...........
video is not playing. just thought you should know
This is the DUMBEST strawman bullshit I've ever seen... (with some dumb ass people, granted). I like Schiff's view on gold and fiat - but stay out of politics dude. I would have reamed him a fresh asshole in the middle of his face if he would have interviewed me.
The fucking sellouts during the Olympics and all that Nike shit every fucking .2 seconds was ludicrous (I would have worn some U.S.-made jeans and a t-shirt) - How can anyone forget Nike's lovefest with slave and child labor?!?! Fucking ass-clowns you fucking tools are if you don't see multi-national corporations maximizing profits in ANY and every WAY possible and are now being apologists - wake the Hell up... You think they're different than Dimon, Blankfein, Bernank, and all the other cock-knockers out there??! It's the same fucking playbook! So, EAT YOUR GMO and fucking die like a good carbon-based consumer after spending ALL your money for it's-too-late healthcare......
Why the HELL is billhillery in BURMA and East Timor and shit all of a sudden?!?! I'm sure some MNC factories are soon to follow, with armed gunmen forcing children to work for food (and I'M NOT FUCKING KIDDING!!!! LOOK IT UP!)
The reason the financial and corporate system is so fucked (and hence WE ALL ARE GETTING FACE FUCKED every fucking day) is ludicrous incentives. WE ALL KNOW THIS!! It's a live for the quarter existance for all the golden parachute MBA SHITHEADS. Business models be damned. It's "get mine NOW and get the fuck out".
When Michael Moore interviewed Charleton Heston I was completely pissed at the ambush and this is the same b.s. FUCK MULTINATIONALS and if you're not boycotting their asses YOU are a just another dumb motherfucking corporate tool. No matter if you stack PMs, believe in freedom, think you're patriotic, or whatever, THOSE dumb BITCHEZ in the mirror might be YOU. Globalization IS FUCKING FUCKED (this especially goes to the apologist that responded a couple weeks ago "^& a bunch of shit blah blah blah" gives globalization a bad name.. I forgot your point, cuz there wasn't one, it's fucked. so fuck you).
Seriously, Tyler? Schiff is an idiot. There's very little that he says that actually makes sense, never mind being useful.
What's the name of your Radio show?
do you honestly believe that Authority and Legitimacy is derived from having a radio show? come on...you don't have to agree with the premise, but don't be such an easy mark for soapbox charlatans.
Not only are they fucking morons.. but they're racist pricks too!
http://news.yahoo.com/photos/convention-goer-stands-convention-floor-first-day-democratic-photo-230750114.html
Lying, racist, tax grabbing corporatist fuckers.
There. Said. True.
Lying, racist, tax grabbing corporatist fuckers.
There. Said. True.
The AshkeNAZIS rule the fake 'Democrats'.
If I were King I would kick most all corporations out of the country after prosecuting and jailing their boards of directors. And if they claimed the rights of individuals I'd send them to Gitmo.
That one reason I am not King.
Mr. Carney.. does Obama know you're on the computer again?
All fun and games and money until someone gets killed.
Oops. That's the troops. It's horrible to see how political and Wall St pets squabble while others die for their right to do so.
There has never been a time in U.S. history when so many of our troops go abroad for war, yet the DC crowd and their fans yap yap yap as if ....
Maximal corporate profit implies:
1) No Tax
2) No Regulation
As newengland points out, there are plenty of troops killed and wounded in foreign adventurism. The adventurism is conducted as part of what might be called, "national strategic interests". If there was one plot line, it would seem to be that the world must remain open for global trade and by extension the ability to profit therein. Multi National Corporations are by definition global trade. To pay no tax is to free ride under the umbrella of the "national strategic interest". Free trade, free ride? Something's wrong there.
No regulation creates a frictionless environment for profits. If there is no labor regulation, then profits will employ whoever, wherever to maximal efficiency. Slave labor, child labor, etc. No regulation, no worries about pollution, safety, fraud, etc.
The US is currently running a $16 tn national debt and fiscal deficits over $1 tn for the last 4 years. And into the future. Obviously, enough tax is not collected. However, corporations are not the only beneficiaries of globalization. Sovereign powers including certain Asian powers are as well. The "tax" is falling there in the form of currency debasement by the FED's money printing.You may think you own those dollars, but you are only renting them ...
U6 unemployment remains around 14-15%. Yet consumption continues as the populace is moved increasingly onto the public dime, with 45MM plus on foodstamps.
Maximal corporate profit is an unsustainable and corrupt model, just as the dictatorship of the proletariat was an unsustainable and corrupt model, just as unlimited collective bargaining rights in the public sector is.
As a citizen, one holds responsibilities towards something greater than the individual, and therein lies the problem throughout history.
well said Bill. that last paragraph does seem to be the central issue. find it interesting that those who have organized themselves into tight-knit Tribes (including MNC's & unions) are the ones who are most effective in controlling the rest.
Tribal is a good way to describe it. Tough to think of new ways of building a tribe outside of the current structures.
Panem et circenses! Vinum et musica cor laetificant!
putting a cap on corporate profits would push corporations underground. yes, they wouldn't be this big anymore but there would be secret societies gathered for profit. on the other hand, if you don't enforce it in all the other countries, you'll just be swallowed in an instant. imagine how fast samsung would devour apple.
Schiff is a cretin.
To the members of his 'cult' who attribute such veracity to his claims, are you completely ignorant to the fact that about 95% of his calls have been wrong over the past decade?
so 5% of his calls were gold? and the rest were...? I had the impression that 95% of his calls were related on the USD going down?
Peter Schiff is loose at the DNC convention
Posted on September 7, 2012 by maxkeiser| 24 Comments
http://maxkeiser.com/2012/09/07/peter-schiff-loose-dnc-convention/
" Corporate profits or corporate welfare? If you take away the welfare US corporations get from the government there would be very little, if any, profits. Both Schiff and the respondents are clueless." ...
max
.
corporations are people too? or virtual people with
super powers of invisibility and extra legal status. etc.. a special class of persons perhaps?
It was the same drive for profitability that led to the current crisis.
I listen to Peter's message, but really dislike how he goes about it in many of his videos.
This video is an example of how he manipulates the conversation by forcefeeding and directing answers. Not only that - he gets to pick and choose the ones that go his way and cut it into the video or presents his view of how far left the DNC is willing to go.
You'll notice his other videos are pretty one sided as well...